Pershing’s new technology platform for financial advisors — NetX360+ — makes use of “true machine learning,” according to a company executive.
The platform aims to deliver “a more streamlined user interface and more intuitive experience,” according to Pershing, which announced the rollout last week.
NetX360+ features what Pershing calls “hyper-personalization” driven by user profiles and patterns of use, machine learning applied to searching and accessing data, data insights that take into account market activity as well as client behavior, and integrated learning tools.
The platform has an intelligent search, aided by artificial intelligence that goes through information in real time to ultimately increase user efficiency, Tim Foley, managing director of technology at Pershing, said on the sidelines of the firm’s Insite 22 conference in Texas last week.
An example of this, Foley said, would be typing a client’s name into the search, and over time, the algorithm would recognize repeated searches and would curate its response based on that.
“And so, this is the first time we're launching true machine learning where the system itself gets better without us having to add any code to it,” Foley said. “The more you interface with it, the more it gets to know you, and the faster you get to the information that you're looking for.”
The platform serves as a core workstation, prioritizes multitasking and allows users to juggle different tasks at the same time, according to Foley.
“But also, these aren't running as separate browser tabs, they're inside the environment. So, you feel like it's a controlled space,” he said.
An accompanying app, available to run on both Mac and Windows operating systems, lets users save functions, which then automatically launch, Foley said.
The target users of the "full-fledged end-to-end” NetX360+ platform are professionals, and those include anyone from advisors to operational staff to compliance officers, according to Pershing chief information officer Ram Nagappan.
“[I]t’s a professional workstation, and it offers all wealth management capabilities in that workstation,” Nagappan said.
“It also supports different type[s] of expertise for the person,” ranging from beginner to intermediary to expert, he added, noting that it “can be configured to an RIA or to a broker-dealer.”
The 360+ platform is an update from NetXServices, which is “a platform for people to integrate” and now involves event-based and streaming application programming interfaces, Nagappan said. Using the Uber app to illustrate how API is used, Nagappan noted that Uber doesn’t own the map within its app, but integrates an API from Google.
Pershing’s API can be used by clients on their sites in the same way that Uber uses Google’s map, for example, according to Nagappan.
Nagappan’s goal is NetX360+ to be a “leap forward,” noting that “as a technologist, that's what our job is to, you know, actually be ahead, not catch up. That's our strategy.”
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